lolo9835 lolo9835

25-08-2018
Social Studies

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Explain how the production possibilities frontier illustrates the concept of scarcity

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haingoc2901 haingoc2901

26-08-2018

Economists can use a PPF to illustrate a number of economic concepts including scarcity, opportunity cost, productive efficiency, allocative efficiency, and economies of scale. When an economy is operating on the PPF curve it is efficient. ... Likewise, if the economy is operating below the PPF curve, it is inefficient
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